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Real Estate: The prices of apartments in Bucharest increased on average with 5% in 2018
The prices of apartments in Bucharest increased on average with 5% in 2018, despite all speculations and the growing trend started in 2014 continued in a moderate rhythm, according to an analysis made by a real estate site.
In December 2018, the average price required for one-room apartments in Bucharest got to approximately 44,000 euro, for apartments with 2 and 3 rooms – 64,000 and 91,000 euro respectively, and the average price required for apartments with 4 rooms – 122,000 euro.
For one-room apartments the average price required increased over the last five years with 25% and 4% over the last 12 months. The average price of one-room apartments in December 2018 was between 38,000 euro in sector 6 and 54,000 euro in sector 1, the difference of price depending on the area being extremely accentuated, appreciates the chairman of the Association of Real Estate Brokers, Dragos Vilceanu.
The most expensive offers for apartments with 2 rooms are in sector 1, the average price being 82,000 euro, and the cheapest are in sector 6 at a price of 56,900 euro.
For apartments with 3 rooms, the growth is 20% over the last five years and 5.4% over the last 12 months. In sector 1, the average price for 3 rooms is approximately 130,000 euro and in sector 6 almost 70,000 euro.
According to the analysis , the average price required for apartments with 4 rooms increased over the last five years with 15% and 7% over the last 12 months. The average price of apartments with 4 rooms required in December 2018 vary between 79,000 euro in sector 6 and 200,000 euro in sector 1.
For sales of houses, the situation is similar to that of apartments, the price being on a moderate growth, according to the analysis of imobiliare.net.The average price per built square metre required for houses and villas in Bucharest and Ilfov is 700 euro/sqm in December 2018 up by 5% against 2017. Over the last five years, the average price required for houses and villas increased by 14%.
The specialist in real estate consider that 2019 will be a complicated year for the real estate market with reduced demand due to the tough conditions of real estate lending, as well as the dropping offer due to the increased prices on the market of construction materials and due to the crisis in the workforce. The specialists that the need to live in civilized conditions is higher than the power of construction of the residential buildings and the speed of replacing the old buildings and that is why the pressure of buyers for new residences, well-placed will be determined.
New residences will become more expensive, the old ones well-placed will be more expensive in a moderate way and the old residences in areas which are less required may have small price adjustments.